Panda Green

The heavily indebted solar project developer has revealed the state-backed element of two trailed fire sales of 636 MW of solar and wind project portfolios in China. The divestments will generate up to RMB450 million for the company while recognizing RMB200 million in losses on its investments.

The debt saddled renewables project developer has signed off on the sale of two wind farms in Shanxi at a loss of RMB40 million on investment. The sale will contribute up to RMB251.5 million to help pay off the parent company’s debts

The heavily indebted developer has cashed in two eight-project portfolios for an immediate $28 million windfall but accepted the sales recognize heavy losses as it continues to try and pay down debt.

The manufacturer has been unable to get its new mono ingot and wafer making facilities up to full speed and says the delay in confirming Beijing’s new solar policy this year also affected its bottom line.